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CALIFORNIA | BRIEFLY: RETAILING

Vans, Sunglass Hut Form Joint Venture

April 21, 1999|Leslie Earnest

Vans Inc. and Sunglass Hut International Inc. have formed a joint venture to make two new brands of Vans sunglasses, which should be for sale next spring. Santa Fe Springs-based shoemaker Vans will own 51% of the new venture and Coral Gables, Fla.-based Sunglass Hut will own the remaining 49%. Specific financial terms were not disclosed. Sunglass Hut will design and produce the sunglasses while Vans will license its Vans and Triple Crown trademarks and logos to the new company. Initially, the Vans and Vans Triple Crown sunglasses will sell only in Sunglass Hut, Vans and Vans Triple Crown stores. Later, they may be sold in other stores as well, said John X. Watson, Sunglass Hut's chief executive. Vans stock closed at $7.75, up 50 cents a share, while Sunglass Hut dipped 6 cents to end at $11.19. Both stocks trade on Nasdaq. Vans recently announced plans to team with Anaheim-based teen apparel retailer Pacific Sunwear of California Inc. to make and sell a line of Vans skate-inspired clothing.

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